USDJ[Y 4 HOUR CHART – CONSOLIDATING?
Looking for a bottom in this USDJPY remains a losing trade after another new low this week at 140,7o.
With that said, the two red AT lines is a pattern that has potential for a low but ONLY if 143.79 is firmly taken out.
Otherwise, current range us 140.70-143.79 as USDJPY consolidates after setting a new low.
US500 4 HOUR CHART – 61.8% tested
5500, as suggested proved pivotal with the move back above it squeezing the shorts.
With the 61.8% level tested, a move above it would suggest the bottom (with a higher low) may be in. Othrwise, it can still be considered a retracement.
In any case, 5500 remains pivotal with a limited downside if it can stay above it.
GBPUSD DAILY CHART – 1.30 Pause
With GBPUSD pausing just above 1.30, it is far enough from its 100 (blue) and 200 (yellow) daily mvas to consider whether this is still just a retracement.
In this regard, see retracement levels using our Fibonacci Calculator
The following is a fresh USDJPY update from a long time, highly respected Global-View member who I nicknamed the Savvy Trader after he called the top at USDJPY at 160-162 well in advance. Since then, he has been kind enough to share his latest view on USDJPY in a series of emails, which we have posted in our blog.
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